New CFP Board Consumer Survey Series: Slow and Steady “Confident Savers” Win the Race

CFP Board Consumer Advocate offers tips to stay on track

The Certified Financial Planner Board of Standards, Inc. (CFP Board) commissioned a consumer survey series examining four groups of Americans based on their saving patterns. One particular group stands out among the rest as they exhibit high confidence about their financial future due to their slow and steady approach to saving throughout their lifetime.

The group, identified as “Confident Savers,” consists of older Americans who have fewer children living at home. These individuals are similar to the other cohorts identified in this study; they hold a median income range of $50K-$100K, utilize employer-sponsored retirement plans, and believe Social Security is an important source of income for retirement. Where Confident Savers differ significantly is in their attitudes about saving. These individuals save money on a very regular basis and are twice as likely as their peers to consult financial planner for advice.

“What’s remarkable about Confident Savers is that there is very little difference between them and the other groups except for one big difference – they are planners,” said CFP Board Consumer Advocate Eleanor Blayney, CFP ^®. “They aren’t billionaires set for life, but rather take reasonable steps, including meeting with financial planners, to prepare for retirement.”

Click here to view an infographic of the survey findings for this consumer segment.

In her latest contribution to LetsMakeaPlan.org, Blayney explains why Confident Savers are ready for retirement: 

• They prioritize savings: The highest financial prerogative of Confident Savers is saving money. In this regard, they are well ahead of the other groups in terms of what they see as important.
  
  
• They save regularly: Eighty-eight percent of Confident Savers save each and every month.
  
  
• They save early: On average, this group started saving for retirement around 25 years old – long before most people even start thinking about their retirement years.
   
• They value outside expertise: Confident Savers are twice as likely as the other groups to hire a financial planner to manage their money.